Hey Pete. This happened to me so many times this week it’s not funny, but I think your good discipline on entry will pay off in the long run, at least that’s what I tell myself.
Could still be a chance at entry with the 15m pattern…with smaller stop requirement. Wouldn’t surprise me at all to see the market take out the highs (and lows for uchf…i’m watching the same/similar pattern you posted).
I guess with the kiwi if it breaks those highs it could go all the way and take out X (of the 4h pattern), so a bit of risk there. Anyway, lets play it by ear, price action might give some clues. I will definately take the long swissy.
Actually, i’m not sure now whether i’ll take this. Looking at the daily there is a major low at 1.0438, which I’m sure a lot of people are hoping doesn’t break…so it probably will haha. And if it does it could even go through 1.04. The hard trade is probably to keep selling this pair, seems a lot of people are taking the comfortable option and trying to buy something that has fallen so far. Maybe I’m better off on the sideline and letting the market tell me when it’s turned rather than trying to pick the bottom.
Good pick up, after seeing how strong the support was I canceled my entry. I didnt zoom out that far to look at the bottom. The EUR/JPY looks to be shaping up nicely though. Ive got an entry order on that as I am GMT -5 and will probably be asleep when it hits (if it hits).
yeah, but don’t pay any attention to me, i may still yet take the trade. possible fly on the euro too entry 1.2730, lines up with pipbandits abcd. i’m probably just being chicken, don’t want to affect your trading
You didnt. If I didnt agree with you I would have kept the trade. If you look now it looks like the PA bounced off of the support and is making its way back up on the 30M chart. It looks like it will be a failed pattern now.
30 pip profit from that bearish gartley, but it was a tight one. Attempting any more would’ve resulted in a loss trade.
However, there is now a major bearish gartley under USD/JPY 4H chart. If you’re still long on UJ, I’d keep an eye out for this pattern. X is at 91.45 and D is at around 88.65 (38.2 fib level of XA leg and my entry), which is where the price is at right now. Setting my initial T/P at 88.30 and may attempt additional 20 pips or so depending how the price moves.
Well done on your 30 pips, and thanks for the heads up on the 4h pattern. Could also be rising wedge there. Agree there is a good chance of a pullback, but I have to give the benefit of the doubt to the daily pattern, sit though what are hopefully temporary drawdowns, and stick to the plan.
I went ahead and took it short at 0.7105 as price action seemed to be having trouble pushing past the resistance levels in the Bat. Got the 30 pips but don’t see it pushing much further down so closed it out then. Seems like traders are pricing in a 84% chance of a rate hike from the NZ central bank this month so figured discretion might be the better part of valor in this case. Should see price dropping like a stone in about ten minutes so… :rolleyes:
I had an order in for the EUR/USD ABCD and not the EUR/JPY ABCD. EUR/USD missed out by about 13 pips. Needless to say the the one I didn’t have the order in for worked out nicely, heh. Oh well… the roll of the dice I guess.
On EURUSD there are 2 AB=CD patterns with D’s at the same point (around 1.2735) however if we want to anchor an X to the bigger AB=CD, the only convergence is about 1.2885 which is 1.272AB.
Yep, going to be keeping an eye on the EUR/USD one for next week.
Might finally be able to see some results with my EUR/GBP short after 3 days of waiting. Price almost down to my 0.8337 level. Though as that is the bottom of a rising channel I’m not so sure I’m going to make anything off this trade for a while yet.
You watching any other patterns in particular at the moment?
Just got 30 pips from the EUR/JPY. Funny thing I didn’t see Schweaty’s post telling about the pattern, I just thought it was a good time to short (some AB=CD pattern).
What do you guys think about EURGBP? Was it resistance about the .838 level, or is it going to go higher?
Yeah I do that too Pete - 5 pips is my usual as well for orders that I can’t watch the price action. Though I lost 50 pips in literally a matter of seconds the other night with this when I had an order placed for an ABCD AUD/USD pattern. If I’d been able to see the price action coming up to the D I never would’ve entered the trade. So I think I’ll probably avoid those kind of blind entry trades in future.
Though in that Trade What You See book the examples provided by the authors had orders being placed slightly before the fib levels to ensure they got filled and they recommended this method.
Lower… I hope Seriously though, I’m really not sure for the short term. Medium term I think it’ll go lower. Just think the EU faces more problems as a whole than the UK.
I’d gone short at 0.8337 as I liked the risk vs. reward potential and I didn’t think there was a lot of upside potential. Went up more than I expected and have had to be patient so far but things look pretty overbought on daily / 4 hours charts and it hasn’t managed to get past the 0.8380 level in a few days so I’m prepared to sit it out and wait for a pullback. It looks like it might be starting to turn. If it climbs above the 50 day SMA I’ll be out of the trade though.
After losing 40 pips to an “impulsive” trade I hope this will be enough of a lesson for me to never do something like this again. So excuse me while I have to write this - it’s for myself.
I will never enter a trade because of the way I “feel” the market will move. I will never enter a trade if there are no patterns. I will never enter a trade because of the way I “feel” the market will move. I will never enter a trade if there are no patterns. I will never enter a trade because of the way I “feel” the market will move. I will never enter a trade if there are no patterns. I will never enter a trade because of the way I “feel” the market will move. I will never enter a trade if there are no patterns. I will never enter a trade because of the way I “feel” the market will move. I will never enter a trade if there are no patterns. I will never enter a trade because of the way I “feel” the market will move. I will never enter a trade if there are no patterns.
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Seriously though, I’m really not sure for the short term. Medium term I think it’ll go lower. Just think the EU faces more problems as a whole than the UK.